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iCrowdNewswire Jan 25, 2021 7:00 AM ET

Healthcare Human Resources (HR) Software Market Size Worth USD 1.4 Billion | 2.3% CAGR By 2023


Healthcare Human Resources (HR) Software Market Size Worth USD 1.4 Billion | 2.3% CAGR By 2023

iCrowd Newswire - Jan 25, 2021

Healthcare Human Resources (HR) Software Market Highlights

The global healthcare HR software market is expected to see a significant growth in the coming years. According to industry analysts, the market is expected to reach 1.4 billion mark by 2023. Experts believe that the market will grow at a CAGR of 2.3% annually during the forecast period. HR professionals in healthcare struggle to track benefits, payroll, and employee hours. Many of them across the world are looking for software tools which provide ways to address these problems. Many professionals find that their software solutions don’t play well together and they are in need of more unified integration between both medical and HR software needs.

Moving away from paperwork to automatic processes is a major benefit people are looking for in the new healthcare human resource software market. Even though governments are doing their best to reduce healthcare funding, healthcare organizations across the world are finding innovative ways to overcome HR challenges by using new tech. New software tools that make appraisals and paperwork quicker to fill in and easier to send around are in demand. This has significantly helped the healthcare human resource departments get better insights into their workforce. At worst, these departments have no help from a large number of HR software tools. At best, they are bound to use outdated solutions that have been around for a long time. According to industry experts, this will soon change.

The main purpose of HR software is to support people to manage responsibilities like recording employee details, handling paperwork, acquiescence, and payroll, it’s no wonder to see stuff like “reformation of processes” as something healthcare professionals look for in HR software. The most common problems HR professionals in the healthcare industry have with software is inaccuracy. People look for automation to manage common tasks while reducing errors.

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Healthcare Human Resources (HR) Software Market Regional Overview

Market analysts have predicted future trends for the global market for healthcare human resources (HR) software. Based on the study conducted by them, it is revealed that North America has emerged as a global leader in the healthcare HR software market. The activities in the region suggest that the development of a better healthcare infrastructure has led the market in North America to lead. Analysts have also covered several other regional markets in the report. These areas include Asia-Pacific, Europe, and the MEA region. A large number of healthcare companies in the Asia-Pacific region is the key growth driver as India and China are emerging as major markets. The report reveals that the European market is also expected to grow at a higher rate as a large number of companies operate from this region.

Healthcare Human Resources (HR) Software Market Segmentation

The global market for healthcare human resources (HR) software has been segmented based on administration software which covers time and attendance, payroll, benefits management, and others. Based on the type of healthcare human resources software, the global market has been segmented into software-as-a-service (SaaS), recruiting, core HR, and others. On the basis of organizations type, small businesses, medium businesses, and large enterprises are the key segments. And by end use, the market segments, as defined by analysts are hospitals, pharmaceuticals, laboratories, and others.

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Healthcare Human Resources (HR) Software Market News

The healthcare industry is facing ever-increasing pressure for improvements and keeping that in mind, the management at Ellis Medicine has decided to roll out a software for human resources. Ellis Medicine is a 438-bed healthcare system based in Albany, New York. The cost effective solution puts people where they are needed the most and helps the healthcare facility reduce cost while making people more productive.

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